Video: Benchmarking

In this lesson, warm-hearted wisdom intersects with practical business concepts as Nick Palazzolo, CPA, dives into benchmarking—a strategy for companies to measure themselves against past performance and industry standards. Nick walks through the nuances of internal benchmarking, showing how businesses might track their own progress over time, pinpointing areas like product defects or energy usage. He then shifts focus to external benchmarking, illuminating how comparing financial data to industry benchmarks can help identify a company's standing among competitors. Alongside these core insights, Nick sprinkles in life and self-improvement analogies to reinforce the personal relevance of continuous comparison and growth, and he wraps up with a note on control charts, essential tools for visualizing actual performance against benchmarks.